Wednesday’s ruble rout is a reaction to the drop of WTI to $44.08
per barrel, the lowest price since April 2009. WTI is the North
American oil benchmark.At the time of publication, WTI had edged
up slightly to $44.29.

Russia, the world’s largest energy exporter, has been hit hard by
dropping oil prices, since oil and gas exports account for nearly
50 percent of Russia’s exports.

Trouble for the ruble has been made worse by sanctions from the
West, capital flight and geopolitical consequences from the
conflict in Ukraine.

The Ministry for Economic Development is considering giving
Rosneft 1.3 trillion rubles ($19.2 billion) in assistance,
according to Deputy Economy Minister Nikolay Podguzov.

Prime Minister Medvedev before said the oil major could receive up to 1.5
trillion rubles from Russia’s National Welfare Fund. At the time,
it was equal to $40 billion.

On Wednesday, Prime Minister Dmitry Medvedev signed a one year
anti-crisis plan, estimated to cost at least $35 billion. It is
expected that at least $15 billion will be dedicated to
supporting banks, but the PM also said it will provide measures
to support the energy sector, as well as agriculture, housing,
public utilities, and manufacturing.